completion of share purchase plan, page-17

I don't think that JPM have taken up anything. The release is clear $25Mil to "eligible SPP applicants in full, and will raise A$25 million under the SPP."

The SPP states that:

"The total amount raised under the SPP will be limited to a maximum of up to A$50 million."

With JPM prepared to underwrite $25Mill - I believe Lynas were content to just raise the $25Mill minimum (albeit they allowed for $50Mil perhaps thinking that they would be oversubscribed as per previous SPPs and perhaps preferring more).

Therefore I don't expect JPM to announce a change in their holdings otherwise, Lynas would have announced as such in the Completion Notice.